Home-Buying Fears and How to Face Them

John McConnin, Esq

Published on October 16, 2015

Home-Buying Fears and How to Face Them

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Buying a home can be a scary thing, this type of purchase involves a long term commitment from maintenance to financially. Home buyers often are wary that they will purchase the wrong house and be stuck with an investment not worth their money. However, of the issues most home buyers often face, there’s plenty that can be done to alleviate the all too common fears you might experience when purchasing your new home.

Structural Issues

One common problem in real estate is a cracked foundation, leaky roof, or dry rot. With issues like these, a good inspector will be able to point all of this out for you and then you can assess the problem as necessary. An inspector is very useful in that he or she is hired to point out every issue to the buyer. So don’t let them slack and ask plenty of questions, its their job to answer them. When you do ask the inspector questions ask for an explanation on this type of issue and when the repair or replacement must be taken care of. Finally if and potentially when an issue arises you should go back to the seller and ask if they will credit you back to repair after the deal closes.

Your Deposit

Another fear buyers often have is the fact that the deposit may sometimes be locked in without the signatures of both parties. However, remember that it is nearly impossible for the deposit to be lost. If an inspection, loan contingencies or disclosure review is done, make sure you work closely with your agent to mark the timeframes. If the contingencies need to be removed be sure to finish establishing every thing at least a day in advance. If you find that you are in negotiations around the date, make sure to extend the contingency date so that you will stay under contract and the protection it affords.

Another thing you should do is find out how the selling agent intends to handle the offers received. Sometimes an agent will accept the first offer when it’s a good one and usually the seller will have a date to review any offers by a certain day. Whenever you are out of town or busy be sure to stay in contact with your agent so that you will not miss out on your dream home as it may disappear from the market while you are traveling or unable to correspond during work.

My Agent Doesn’t Have My Best Interests In Mind

Another concern some buyers have is that their agent does not consider their best interests in conducting business matters. This simply is not true, good agents are almost always on the prowl and keeping an eye on the market with your best interests in mind. If you have doubts and feel that you agent is not on the same page, simply change agents and go with the one you feel comfortable with. Both you and your agent should have a mutual commitment to one another and you should sit down before you start the process and speak with the agent you choose in the same way you would in a job interview.

We Wont Find The Right House In Time

Often buyers are concerned that they will not find the right house soon enough. However a purchase involving thousands and thousands of dollars should not be rushed. If you have some sort of time constraint make sure you have a backup plan. If a school application deadline or expiring lease is a factor, be sure that you have a Plan B if things do not go according to plan A. This will take the pressure off.

Purchasing a new home is not only expensive but also complicated. You never want to rush into making a decision, as a mistake can hurt you in the long rung, so be thorough. It’s safer to rent in the meantime or to use a temporary address while you try to find what in the long run, will be the best choice. Sacrifice the comfort in the short term to make sure you will be happy in the long term, you’ll be glad you did. Whenever you have a concern or fear about a home or the process and anyone involved in the purchase, don’t hesitate to speak up and go with your gut instinct. Avoid rushing and allow yourself to think things through.